[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR716.11]

[Page 578-579]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 716_PRIVACY OF CONSUMER FINANCIAL INFORMATION--Table of Contents
 
                     Subpart B_Limits on Disclosures
 
Sec. 716.11  Limits on redisclosure and reuse of information.

    (a)(1) Information you receive under an exception. If you receive 
nonpublic personal information from a nonaffiliated financial 
institution under an exception in Sec. 716.14 or 716.15 of this part, 
your disclosure and use of that information is limited as follows:
    (i) You may disclose the information to the affiliates of the 
financial institution from which you received the information; and
    (ii) You may disclose the information to your affiliates, but your 
affiliates may, in turn, disclose and use the information only to the 
extent that you may disclose and use the information; and
    (iii) You may disclose and use the information pursuant to an 
exception in Sec. 716.14 or 716.15 in the ordinary course of business 
to carry out the activity covered by the exception under which you 
received the information.
    (2) Example. If you receive a member list from a credit union in 
order to provide correspondent services under the exception in Sec. 
716.14(a), you may disclose that information under any exception in 
Sec. 716.14 or 716.15 in order to provide those services. For example, 
you could disclose the information in response to a properly authorized 
subpoena or to your attorneys, accountants, and auditors. You could not 
disclose that information to a third party for marketing purposes or use 
that information for your own marketing purposes.
    (b)(1) Information you receive outside of an exception. If you 
receive nonpublic personal information from a nonaffiliated financial 
institution other than under an exception in Sec. 716.14 or 716.15 of 
this part, you may disclose the information only:
    (i) To the affiliates of the financial institution from which you 
received the information;
    (ii) To your affiliates, but your affiliates may, in turn, disclose 
the information only to the extent that you can disclose the 
information;
    (iii) To any other person, if the disclosure would be lawful if made 
directly to that person by the financial institution from which you 
received the information; and
    (iv) Pursuant to an exception in Sec. 716.14 or 716.15.
    (2) Example. If you obtain a customer list from a nonaffiliated 
financial institution outside of the exceptions in Sec. Sec. 716.14 
and 716.15,
    (i) You may use the list for your own purposes;
    (ii) You may disclose that list to another non-affiliated third 
party only if the financial institution from which you purchased the 
list could have disclosed the list to that third party, that

[[Page 579]]

is you may disclose the list in accordance with the privacy policy of 
the financial institution from which you received the list, as limited 
by the opt out direction of each consumer whose nonpublic personal 
information you intend to disclose; and
    (iii) You may disclose that list as permitted by Sec. 716.14 or 
716.15, such as to your attorneys or accountants.
    (c) Information you disclose under an exception. If you disclose 
nonpublic personal information to a nonaffiliated third party under an 
exception in Sec. 716.14 or 716.15 of this part, the disclosure and use 
of that information by the third party is limited as follows:
    (1) The third party may disclose the information to your affiliates;
    (2) The third party may disclose the information to its affiliates, 
but its affiliates may, in turn, disclose and use the information only 
to the extent that the third party may disclose and use the information; 
and
    (3) The third party may disclose and use the information pursuant to 
an exception in Sec. 716.14 or 716.15 in the ordinary course of 
business to carry out the activity covered by the exception under which 
it received the information.
    (d) Information you disclose outside of an exception. If you 
disclose nonpublic personal information to a nonaffiliated third party 
other than under an exception in Sec. 716.14 or 716.15 of this part, 
the third party may disclose the information only:
    (1) To your affiliates;
    (2) To its affiliates, but its affiliates, in turn, may disclose the 
information only to the extent the third party can disclose the 
information;
    (3) To any other person, if the disclosure would be lawful if made 
directly to that person by you; and
    (4) Pursuant to an exception in Sec. 716.14 or 716.15.